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Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system---FIFO, LIFO, and Weighted-Average methods Assume the Mesquite Coffee Shop

Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system---FIFO, LIFO, and Weighted-Average methods

Assume the Mesquite Coffee Shop competed the following periodic inventory transactions for a line of merchandise inventory:

Jun. 1

Beginning merchandise inventory

20 units @ $20 each

12 purchase

Purchase

6 units @ $22 each

20

Sale

14 units @ $35 each

24

Purchase

16 units @ $24 each

29

Sale

20 units @ $35 each

Requirements

Compute ending merchandise inventory, cost of goods sold and gross profit using the FIFO inventory costing method

Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method.

Compute ending merchandise inventory, cost of goods sold, and gross profit using the weighted-average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.)

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